MIAMI—The numbers aren't big but what the sale of 501 Northeast 1^st Avenue means for the further development of Downtown Miami could be. Aztec Group just brokered the sale of the office building, which is literally steps away from Miami Dade College Wolfson Campus and close to the American Airlines Arena and the future Miami Worldcenter mixed-use development, for $8.25 million.

“Miami's Central Business District is one of the last bastions of dealmaking with Miami locals,” says Aztec vice president Jason Katz. “In some cases, owners have held properties in their families for over 30 years. Selling properties like 501 Northeast 1st Avenue requires both an intimate knowledge of the city's history and a vision for the neighborhood's future.”

Aztec managing director Jim Fried and Katz represented the seller, Virginia Cole Investment. Virginia had owned the office building for over 20 years. The site is a prime candidate for transit-oriented development, sitting directly across from the College North Metro Mover Station.